ABA Banking Journal - September/October 2017 - 34

SPECIAL REPORT > TECHNOLOGY AND INNOVATION

Looking at
Fintech through
the Legislative Lens
A conversation with congressional financial
technology leader Randy Hultgren
BY BRIAN NIXON

s banks continue to adapt to an ever-changing fintech
landscape, lawmakers are similarly working to define
their approach to innovation policy. We recently sat
down with House Financial Services Committee
member Randy Hultgren (R-Ill.), co-chairman of the
House Fintech and Payments Caucus and keynote speaker
at ABA's Payments Forum in June, for a conversation about
the intersection of technology and financial services, and
what it means for the nation's banks.

in particular sparked
Q:What
your interest in fintech?

A: I serve on both the House Financial Services and
the Science, Space and Technology Committees, so that
intersection of technology impacting finance, impacting service
to consumers and new opportunities for people to get access
to financial tools is very interesting to me. And even as just a
consumer, [I'm] amazed by the ease of being able to do my
own banking and trading from my phone. It really is a pretty
exciting new world, but we've got to make sure we understand
as a government how do we do this well, how do we make sure
we're not crushing new innovation through regulation-but at
the same time, protecting consumers and making sure that
financial information is secure.

can Capitol Hill do to
Q:What
help encourage innovation?

A: The main focus of the [fintech and payments] caucus
is education-helping my colleagues understand the new
opportunities that come with new technology, but also the
34

ABA BANKING JOURNAL | SEPTEMBER/OCTOBER 2017

challenges: how do we regulate, what do we regulate, how do
we [encourage] innovation while making sure that markets are
working, customers are protected and that there's a confidence
with these new tools. I think there will be potential for hearings
we can have in the Financial Services Committee focused
on fintech issues, and a lot of overlap with some other areas
as well.

Is there a nexus between where you
Q:
are with fintech policy and overall
financial institution regulatory policy?
A: I'm concerned about it. I've been pretty vocal in my time
on the Hill that I agree with my banking friends-that there
has been this huge amount of cost and time and challenge
with regulatory compliance. The reality [is] that when there's a
demand out there, markets will find a way and entities will find a
way, but [they] sometimes find a way that gets around regulation.
That's not fair to the great banks that are out there playing by
the rules, doing the right things, and yet are being hindered
from fully engaging in benefits that technology can bring to their
customers. Something we want to continue working toward is
making sure that as new technology entries join in in providing
financial tools, our existing financial institutions can do the
same-that we're not giving benefit to one over the other.

Do you think banks and fintech
Q:
companies need a safe space
within which to innovate?
A: I do think if there's this cloud of litigation [or] the
regulatory hammer coming down, it can become a



Table of Contents for the Digital Edition of ABA Banking Journal - September/October 2017

CHAIRMAN’S VIEW
UPFRONT
PICTURE THIS
LEGAL BRIEFS
POWER UP PROFILE
THE TOP FINTECH TRENDS DRIVING THE NEXT DECADE
PLUG AND PLAY: FOUR WAYS TO LEVEL UP YOUR MOBILE BANKING APP
MAKING FRIENDS WITH FINTECH
LOOKING AT FINTECH THROUGH THE LEGISLATIVE LENS
LET’S TALK PAYMENTS
IS OUTSOURCING IT SECURITY RIGHT FOR YOUR BANK?
THE CECL RIPPLE EFFECT
FROM YOUNG AMERICANS TO ENTREPRENEURIAL CITIZENS
FINDING THE PERFECT NICHE
THREE ELEMENTS OF BANK LEADERSHIP
REAL ESTATE LENDING
ABA COMPLIANCE CENTER INBOX
WEALTH MANAGEMENT
FROM THE STATES
CORPORATE SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
FROM THE VAULT
ABA Banking Journal - September/October 2017 - Intro
ABA Banking Journal - September/October 2017 - bellyband1
ABA Banking Journal - September/October 2017 - bellyband2
ABA Banking Journal - September/October 2017 - cover1
ABA Banking Journal - September/October 2017 - cover2
ABA Banking Journal - September/October 2017 - 3
ABA Banking Journal - September/October 2017 - 4
ABA Banking Journal - September/October 2017 - 5
ABA Banking Journal - September/October 2017 - 6
ABA Banking Journal - September/October 2017 - 7
ABA Banking Journal - September/October 2017 - CHAIRMAN’S VIEW
ABA Banking Journal - September/October 2017 - 9
ABA Banking Journal - September/October 2017 - 10
ABA Banking Journal - September/October 2017 - UPFRONT
ABA Banking Journal - September/October 2017 - 12
ABA Banking Journal - September/October 2017 - 13
ABA Banking Journal - September/October 2017 - 14
ABA Banking Journal - September/October 2017 - 15
ABA Banking Journal - September/October 2017 - PICTURE THIS
ABA Banking Journal - September/October 2017 - 17
ABA Banking Journal - September/October 2017 - LEGAL BRIEFS
ABA Banking Journal - September/October 2017 - 19
ABA Banking Journal - September/October 2017 - POWER UP PROFILE
ABA Banking Journal - September/October 2017 - 21
ABA Banking Journal - September/October 2017 - THE TOP FINTECH TRENDS DRIVING THE NEXT DECADE
ABA Banking Journal - September/October 2017 - 23
ABA Banking Journal - September/October 2017 - 24
ABA Banking Journal - September/October 2017 - 25
ABA Banking Journal - September/October 2017 - 26
ABA Banking Journal - September/October 2017 - 27
ABA Banking Journal - September/October 2017 - PLUG AND PLAY: FOUR WAYS TO LEVEL UP YOUR MOBILE BANKING APP
ABA Banking Journal - September/October 2017 - 29
ABA Banking Journal - September/October 2017 - 30
ABA Banking Journal - September/October 2017 - 31
ABA Banking Journal - September/October 2017 - MAKING FRIENDS WITH FINTECH
ABA Banking Journal - September/October 2017 - 33
ABA Banking Journal - September/October 2017 - LOOKING AT FINTECH THROUGH THE LEGISLATIVE LENS
ABA Banking Journal - September/October 2017 - 35
ABA Banking Journal - September/October 2017 - LET’S TALK PAYMENTS
ABA Banking Journal - September/October 2017 - 37
ABA Banking Journal - September/October 2017 - 38
ABA Banking Journal - September/October 2017 - IS OUTSOURCING IT SECURITY RIGHT FOR YOUR BANK?
ABA Banking Journal - September/October 2017 - THE CECL RIPPLE EFFECT
ABA Banking Journal - September/October 2017 - 41
ABA Banking Journal - September/October 2017 - 42
ABA Banking Journal - September/October 2017 - FROM YOUNG AMERICANS TO ENTREPRENEURIAL CITIZENS
ABA Banking Journal - September/October 2017 - 44
ABA Banking Journal - September/October 2017 - 45
ABA Banking Journal - September/October 2017 - 46
ABA Banking Journal - September/October 2017 - FINDING THE PERFECT NICHE
ABA Banking Journal - September/October 2017 - 48
ABA Banking Journal - September/October 2017 - 49
ABA Banking Journal - September/October 2017 - 50
ABA Banking Journal - September/October 2017 - THREE ELEMENTS OF BANK LEADERSHIP
ABA Banking Journal - September/October 2017 - 52
ABA Banking Journal - September/October 2017 - 53
ABA Banking Journal - September/October 2017 - REAL ESTATE LENDING
ABA Banking Journal - September/October 2017 - 55
ABA Banking Journal - September/October 2017 - 56
ABA Banking Journal - September/October 2017 - 57
ABA Banking Journal - September/October 2017 - 58
ABA Banking Journal - September/October 2017 - 59
ABA Banking Journal - September/October 2017 - ABA COMPLIANCE CENTER INBOX
ABA Banking Journal - September/October 2017 - 61
ABA Banking Journal - September/October 2017 - WEALTH MANAGEMENT
ABA Banking Journal - September/October 2017 - FROM THE STATES
ABA Banking Journal - September/October 2017 - CORPORATE SOCIAL RESPONSIBILITY
ABA Banking Journal - September/October 2017 - INDEX OF ADVERTISERS
ABA Banking Journal - September/October 2017 - FROM THE VAULT
ABA Banking Journal - September/October 2017 - cover3
ABA Banking Journal - September/October 2017 - cover4
ABA Banking Journal - September/October 2017 - outsert1
ABA Banking Journal - September/October 2017 - outsert2
ABA Banking Journal - September/October 2017 - outsert3
ABA Banking Journal - September/October 2017 - outsert4
ABA Banking Journal - September/October 2017 - outsert5
ABA Banking Journal - September/October 2017 - outsert6
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